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10/9/24, 11:25 AM SuperBridge Summit 2024 strengthens Middle East-Africa ties
This year’s summit coincides with the growing economic ties between the Middle East,
particularly the GCC, and Africa. In 2023, Gulf Cooperation Council (GCC) companies invested
over USD 53 billion in 73 foreign direct investment (FDI) projects across Africa. The African
Continental Free Trade Area (AfCFTA) and the Gulf region’s efforts, led by the UAE, to support
sustainable development through renewable energy and climate finance have played a crucial
role in driving these investments.
Over the past decade, total investment from GCC countries into Africa has surpassed USD 100
billion. The UAE has emerged as the leading investor, contributing USD 59.4 billion, followed by
Saudi Arabia at USD 25.6 billion, and Qatar at USD 7.2 billion.

Trade between the UAE and sub-Saharan Africa has grown by over 30%, while
Saudi Arabia’s trade value with Africa has increased twelvefold in the last

decade. Saudi Arabia has also signed deals with four African nations to explore

mining opportunities.

Vanessa Xu, Co-Founder of the SuperBridge Council, commented, “SuperBridge Summit 2024
offers cross-continental strategic insights from practitioners on the ground that inspire
collaborative opportunities. The strong tie between the Middle East and Africa can enable
businesses from other regions to enter, expand, and grow deeply in Africa from their foothold in
the Middle East.”
The UAE has also been a major driver of sustainability initiatives in Africa, contributing to climate
resilience efforts and aiming to triple its renewable energy production by 2030. These initiatives
reflect the UAE’s commitment to sustainable progress and international cooperation.
Joshin Raghubar, Chairperson of Ikineo Ventures, South Africa, said, “The MEA region holds
immense potential for win-win collaborations, and this is the right time for companies in the
Middle East to capitalize on Africa’s economic and talent boom. SuperBridge Summit plays a
crucial role in bridging the regions for collaborative growth.”
SuperBridge Summit 2024 is a one-of-a-kind event, offering a unique platform for exploring the
economic potential of the Middle East and Africa. The summit fosters alliances that will allow
businesses to unlock new growth opportunities and build long-term success.

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